Bitcoin: Value of All Virtual Currencies Combined is Close to $13bn

A rack of application-specific integrated circuits and block erupters used in bitcoin miningReuters

Bitcoin is the most popular example out of some 67 virtual currencies, that have a combined value of about $13bn (€9.4bn, £7.9bn), according to a website that ranks virtual currencies.

According to coinmarketcap.com, which currently lists 67 "cryptocurrencies", the total market value of all virtual currencies is $12.94bn as at 30 December. With a supply of more than 12 million, bitcoins are currently worth $9.1bn at $750.99 per coin.

Out of the 67 currencies, there are at least 14 currencies including bitcoin that are valued at more than $1, according to the website.

Ripple, a distributed, peer-to-peer payment system, has the second-largest market capitalisation, according to coinmarketcap.com.

Litecoin, which is often accepted by retailers that take bitcoin, crossed $1 a few months ago and is currently valued at $23.99. Litecoin has a market cap of $585m at present, the third largest market capitalisation among virtual currencies.

MasterCoin and Peercoin are the virtual currencies with the fourth and fifth largest market capitalisations at $103m and $91m, respectively.

Virtual currencies that have a value of more than $1 include Namecoin, ProtoShares, Primecoin, Novacoin, Anoncoin, Cryptogenic Bullion, Tickets, Unobtanium, Diamond, BitBar, Franko and Elacoin.

A virtual currency is a form of unregulated digital money, which can be used as an alternative to current payment methods. A growing number of retailers, restaurants and entertainment venues are accepting virtual currencies to pay for goods and services. These currencies are not issued or guaranteed by a central bank.

The currency's growing popularity has also raised concerns. Critics say virtual currencies could be used for drug transactions, money-laundering and other illegal activities due to the near anonymity of those who deal in them.